CMS has advised the shareholders of Transmission Investment on the sale of Transmission Investment to Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa.
Founded in 2009, Transmission Investment is one of the UK’s largest players in the offshore electricity transmission sector, with approximately GBP £3bn of assets under management in relation to its existing portfolio of Offshore Transmission (OFTO) assets. Through its consortium in partnership with Amber Infrastructure and International Public Partnerships, Transmission Investment has established a strong track record of bidding for, winning and operating OFTO assets in the UK, with an approximately 40 percent success rate on OFTO bids.
Transmission Investment is also one of the UK’s leading developers of interconnector projects, including the FAB Link Project and the LirIC Project, which will connect Great Britain with France and Northern Ireland through new HVDC sub-sea electricity interconnectors with an aggregate capacity of approximately 2GW.
The strategic acquisition strengthens TAQA's position in the electricity transmission sector. The transaction will provide TAQA with a well-established team of more than 40 full-time employees at Transmission Investment with cross-sector end-to-end technical and development capabilities.
Dr Chris Veal, Founder and Managing Director of Transmission Investment, commented: “We are pleased that TAQA has acquired Transmission Investment. TAQA’s experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition.”
CMS Corporate Partner Michael Carroll comments: “We are delighted to have supported the shareholders on this transaction. Across the board we’re seeing an increased interest in investments in grid and transmission infrastructure, and we look forward to witnessing the continued success and growth of Transmission Investment.”
The CMS team was led by Michael Carroll and included Max Weaver and Adam Fenby-Betts (Corporate); Thomas Forman, Vini Cowden, Beren Shorman, Grace Kendrick and Euan Rose (EPC); Jason Todd and Johanna Dodgson (Tax); and Neil Baylis and Ruth Derruau (Competition).
The transaction builds on CMS's market-leading position on strategic deals within the transmission sector.
